Automotive Drive Shafts Market Overview :

Global Automotive Drive Shafts Market is estimated to reach $9 billion by 2024; growing at a CAGR of 6.1% from 2016 to 2024. Automotive drive shafts are mechanical component prepared from aluminium, steel, and carbon fibre. It reduces the overall weight of the vehicle with more speed and low fuel consumption, by transmitting power from the engine to the wheels. Rising trend of four wheeler vehicles with increased desire for efficient and comfortable drive pose a huge demand for automotive drive shafts market.

Growth in automobile sector, rising concern about fuel efficiency, and stringent carbon emission regulations, are the major factors driving the global automotive drive shafts market. Moreover, desire for enhanced and comfortable driving has also supplemented the growth of the global automotive drive shafts market. However, a high deviation of the material prices used in manufacturing of light weight drive shaft is expected to restrain the market growth in coming years. Rising consumer awareness towards light weight drive shafts to increase fuel efficiency would provide several growth opportunities for the market in coming years.

The global automotive drive shafts market has been segmented on the basis of vehicle type, shaft type, and position type. By vehicle type, the global automotive drive shafts market is segmented into heavy commercial vehicles, passenger car, and light commercial vehicles. By shaft type, the market is divided into Hotchkiss drive shaft, flexible drive shaft and torque tube drive shaft. By Position type the market has been segmented into, front wheel drive shaft and rear wheel drive shaft. By vehicle type, the heavy commercial vehicles accounted for the largest market share in 2016. The passenger car segment is expected to grow at the fastest CAGR during the forecast period. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the world (RoW).

Based on geography, the global automotive drive shafts market has been segmented into North America, Europe, Asia-Pacific and RoW. The U.S., Mexico and Canada are covered under North America wherein Europe covers Germany, France, UK, Italy, and others. Asia-Pacific covers China, India, Japan, and others. Rest of the World (RoW) covers South America, Middle East and Africa.